… targets 150,000bpd, 200mmscf/day in next growth phase
Oredola Adeola
Nembe Exploration & Production Company Ltd has announced a significant increase in oil production from 25,000 to 90,000 barrels per day, achieved just over a year after ramping up operations on OML 29, which it acquired in 2015.
The company also revealed plans to further scale production to 150,000 bpd and increase gas utilization to over 200 million standard cubic feet per day as part of its next strategic growth phase.
Victor Okoronkwo, Group Managing Director of Nembe E&P, formerly under Aiteo Eastern E&P), disclosed this during the strategic panel session, “Harnessing Africa’s Energy Shift: From Acquisition to Optimisation,” held on the sidelines of the recently concluded NOG Energy Week in Abuja.
He therefore credited the turnaround, after nearly a decade of struggle, to recent reforms under the administration of President Bola Ahmed Tinubu, particularly the notable reduction in vandalism and oil theft in the Niger Delta, as well as the full implementation of the Petroleum Industry Act (PIA).
According to him, the company had since 2015, faced challenges maintaining stable production due to frequent shutdowns for repairs and security checks, largely linked to illegal bunkering and repeated vandalism of the 97km Nembe Creek Trunk Line (NCTL), which transports crude from OML 29 to the Bonny export terminal.
He also stated that the company’s struggle with consistent oil production is largely due to the burden of inherited, ageing infrastructure and the challenges of carrying out timely upgrades, hindered by financial and logistical constraints.
According to him, our ambition is to position Nembe Exploration as one of Nigeria’s leading independent gas producers.
“We are investing heavily in frontier energy infrastructure, refining, and joint venture (JV) power and gas ventures, all aimed at securing Nigeria’s energy future for industrial and social development,” Okoronkwo stated.
He further explained that the OML 29, which Nembe operates under a strategic joint venture with the Nigerian National Petroleum Company Limited (NNPC Ltd), is currently the largest onshore oil and gas block in Sub-Saharan Africa.
Okoronkwo also explained that the company’s upstream capabilities are supported by the Nembe Creek Trunk Line (NCTL), a 97-kilometre midstream pipeline that enables efficient crude evacuation from the Niger Delta to export terminals in Bonny.
“Our philosophy centers on transformational growth, sustainability, and integration,” he stated.
Okoronkwo emphasized that the company also produces both liquefied natural gas (LNG) and liquefied petroleum gas (LPG) through its six associated gas gathering (AGG) compressors, further deepening its footprint across the energy value chain.
